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APPLIED EARNED VALUE MANAGEMENT Ray W APPLIED EARNED VALUE MANAGEMENT Ray W. Stratton, PMP, EVP Project Management R Institute FIFTEEN PROFESSIONAL DEVELOPMENT UNITS ©2016 Prodevia Learning, Inc. and Management Technologies. All Rights Reserved. This is a distance learning course that is self-paced and instructor supported. Be sure to review the section within this course guide entitled HOW TO COMPLETE THIS COURSE There you will find instructions to: Work through your course, Formally complete it with Prodevia Learning, and Submit your professional development credits. Welcome to Prodevia Learning Advanced Professional Development for Experienced Project Managers. Prodevia Learning offers advanced, expert-approved strategies for project managers to grow their skill sets and careers. We provide the most effective professional development courses in our industry written by the best names in our profession. You’ll discover how to interact much more successfully with your stakeholders and get the best outcomes from your projects than you ever thought possible. With Prodevia Learning courses, you can get started immediately because everything is available online as soon as you enroll. And, when you enroll in one of our paid classes, you’ll find they are also portable – you can optionally choose to have printed course guides shipped to you because we know you know that being chained to a computer or stuck at your office to take an online class is not always the most convenient method or the best way for you to grow and implement your learning. Your schedule requirements are ours, too. So, you have an unlimited amount of time to complete a course once you enroll. That’s right – there is no “limited time access” to courses at Prodevia Learning. You can take as much time as you need to complete your course; we’ll always be here to help you when and where you need it. Prodevia Learning is committed to helping you achieve the goals that are important to you in your career: Build stronger project methods and plans, and execute them with more success Get more done in less time because you aren’t spinning your wheels Develop and maintain constructive partnerships with your customers Build respect among all of your stakeholder groups as someone who can get things done Create a competitive advantage for yourself within your organization and industry If you want to develop the expertise you need to have the kind of success in project management that you want to achieve, then you can trust Prodevia Learning to help you to get there. Learn more at www.prodevia.com. The Professional Project Executive™ (PPE™) Certificate Program A Practical Certificate Program for Experienced Project Managers. Every course in our catalog brings practicing project managers one-step closer to being recognized as a Professional Project Executive (PPE) while earning valuable recertification credit for professional designations. Convenient and affordable, the Professional Project Executive Program provides an opportunity to expand your skills as you work toward your PPE at the same time that you earn PDU credit for professional designation earned by the Project Management Institute (PMI)®. Designed to complement existing process-centric PM certifications the Professional Project Executive reflects a commitment to developing the practical and critical skills required to manage a project successfully. The experience gained through the PPE Program provides balance to hard-earned PM certifications that focus more on process than practical application. The skills developed through the PPE Program are globally recognized and applicable across industries. The Professional Project Executive curriculum has been developed by bringing together the most respected thought leaders in the industry; practitioners that are recognized as the experts and founders of their specific disciplines. Prodevia Learning is the only provider that offers these practical and diverse courses from the best names in the business on your schedule and without the financial or schedule strain of traveling to attend these popular sessions at on-site seminars and conferences. Earn more and learn more with the Professional Project Executive Program from Prodevia Learning. How to Earn Your Professional Project Executive (PPE) Requirements are simple; complete any combination of 120 credit hours from our catalog to earn your Professional Project Executive Certificate. Choose the courses that fit your professional development goals through our diverse course catalog. The 120 hours required to earn the PPE represents the equivalent of a three-week, full-time educational program of study from the most trusted experts within the project management community of practice. The PPE curriculum remains current and relevant through the addition of new courses developed by leading experts to address the growth and advancement of the project management practice. Be a better project manager, starting today! Note: PMI is a registered mark of the Project Management Institute. Applied Earned Value Management By Ray W. Stratton, PMP, EVP ® 1-800-291-6244 Copyright 2016 Prodevia Learning, Inc. All rights reserved. Applied Earned Value Management Table of Contents How to Complete This Course ................................................................................................ 3 How to Complete the Guide and Exercises ............................................................................................................... 3 How to Contact the Instructor .................................................................................................................................... 3 How to Submit Course Completion and Report PDUs .............................................................................................. 3 Completion Checklist ................................................................................................................................................. 4 Course Objectives ................................................................................................................... 5 Module 1 – Introduction to Earned Value Management......................................................... 7 Review Questions ................................................................................................................................................... 11 Module 2 – Basic Concepts of Earned Value Management ..................................................13 The Three Elements of EVM ................................................................................................................................... 13 Planned Value – The Planned Value of Work..................................................................................................... 13 Earned Value – The Value of Completed Work .................................................................................................. 16 Actual Cost – The Cost of Completing Work and Earning Value ........................................................................ 17 Review Questions ................................................................................................................................................... 19 Module 3 – What is Required to Use Earned Value Management ........................................21 Laying the Foundation for EVM ............................................................................................................................... 21 Getting Organized .............................................................................................................................................. 21 Getting to a Sound Schedule .............................................................................................................................. 22 Creating a Time-Phased Budget ........................................................................................................................ 24 Common Earned Value Management Work-in-Process Measurement Methods .................................................... 25 100% at Complete .............................................................................................................................................. 25 50% Start, 50% Complete .................................................................................................................................. 26 X % Start, 100-X% Complete ............................................................................................................................. 27 Value Milestones ................................................................................................................................................ 27 % Units Complete ............................................................................................................................................... 27 Estimated Percent Complete .............................................................................................................................. 28 Apportioned Effort ............................................................................................................................................... 29 Level of Effort .......................................................................................................................................................... 29 Review Questions ................................................................................................................................................... 30 Module
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